AUD/USD Signal Update
Yesterday’s signals were not triggered as there was no bullish price action at 0.7125.
Today’s AUD/USD Signals
Risk 0.75%
Trades may only be taken from 8am New York time until 5pm Tokyo time.
Long Trade 1
* Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.6992.
* Put the stop loss 1 pip below the local swing low.
* Adjust the stop loss to break even once the trade is 20 pips in profit.
* Remove 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to run.
Long Trade 1
* Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.6940.
* Put the stop loss 1 pip below the local swing low.
* Adjust the stop loss to break even once the trade is 20 pips in profit.
* Remove 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to run.
Short Trade 1
* Short entry after bearish price action on the H1 time frame immediately upon the next touch of 0.7175.
* Put the stop loss 1 pip above the local swing high.
* Adjust the stop loss to break even once the trade is 20 pips in profit.
* Remove 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to run.
Short Trade 2
* Short entry after bearish price action on the H1 time frame immediately upon the next entry into the zone between 0.7245 and 0.7300.
* Put the stop loss 1 pip above the local swing high.
* Adjust the stop loss to break even once the trade is 20 pips in profit.
* Remove 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to run.
AUD/USD Analysis
I was dubious about potential support yesterday at 0.7125 and in fact what happened was that we just broke down below it cleanly, so I have removed that level from my chart below.
I see a new flipped level above at 0.7175.
This pair continues to chop around and really go nowhere. There are better opportunities elsewhere.
Regarding the USD, there will be releases of PPI and Building Permits data at 1:30pm London time, followed later by the FOMC Meeting Minutes release at 7pm. Concerning the AUD, there will be releases of Employment Change and Unemployment Rate data at 12:30am.